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Gary Cohen, the founder and former executive chairman of iSOFT, will return to the local listed technology scene as the new chairman of Hyro, after his Marcel Equity business injected $1.24 million to raise its stake in Hyro to 20 per cent.

It leaves him in a position to follow plans he outlined in June to use the company as a listed vehicle to invest in local social networking ventures, such as Global Internet Technologies (GIT), which owns marketing brand Social Loot.

However, in a deal announced to the ASX yesterday, Marcel Equity will b in exchange for 1,675,000 shares at $0.37 per share, and 1,675,000 unsecured, interest free convertible notes to convert into shares within 90 days.

Mr Cohen and Gregory Cohen, will now take seats on the Hyro board and will call a shareholder meeting to propose an off-market buyback of up to 50 per cent of Hyro shares.

Mr Cohen told The Australian Financial Review he intended to invest Hyro funds into technology businesses, the first of which would be a 40 per cent stake in GIT.

Mr Cohen said he believed there was great potential for a locally listed company to tap into the positive sentiment around social networking.

“The opportunity presented to create an Australian company to invest in internet technologies has now been realised,” he said.

As a result of the changes current Hyro chairman Rob Clarke has resigned.

“The proposal announced today attempts to satisfy the wishes of the shareholders as reflected at the recent AGM. Holders of up to fifty per cent of the shares that wanted liquidity can elect to take the buyback. Whilst those remaining shareholders that wanted to see the Marcel plan executed can now participate in that future,” Mr Clarke said.

For Mr Cohen the move marks a return to the spotlight after his reign at iSOFT ended in acrimonious circumstances, when the company was acquired by Computer Sciences Corporation.He co-founded iSOFT in 1996, and it became Australia’s biggest tech player in 2007, valued at more than $1 billion. But last year it was sold for $188 million. Paul Smith